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By the 1600s,European nation were competing for markets and trade goods.
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Spain and Portugal took advantage of the gold and silver they gained from their empire. Other European countries wanted to do the same. This led to theory of mercantilism.
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Europeans found that playing for oversea trading voyages was expensive. In the 1600s,however, Europeans developed new business methods. Historians call this the Commercial revolution. Is The buying and selling of goods in large amounts over long distances.
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Around 1600s merchants begin that artisans and guilds charge to much for their goods. In addition, the merchants. And they started to believe that skilled workers did not make goods fast enough. So what they started to do was they began hiring peasants to make goods, especially wool cloth in their home. He began to have a name called COTTAGE INDUSTRY.
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Economic choices are decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought. Choices arise as a result of economic problem of scarcity.
